First Security Bank of Bozeman, Mont., has named a longtime employee as its new president and chief executive.

Bruce Gerlach, the $566 million-asset bank's chief lending officer, will replace Ron Farmer, 65, who will retire at the end of June, the Bozeman Daily Chronicle reported Sunday. Farmer has been with First Security since 1983 while Gerlach has been with the bank for 40 years.

"We just came out of the worst economic downturn of my life … it was hard," Farmer said, according to the Bozeman Daily Chronicle. "We had to work our way through some serious economic issues. We're back on the road to recovery nationally. As far as a business, we're profitable and we've dealt with all the problems that came out of the recession."

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